NEW YORK (

TheStreet

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Amazon

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unveiled its highly anticipated tablet this morning at a press conference in New York City.

The new device is expected to rival

Apple's

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iPad and be more competitive on price. The 7-inch tablet, dubbed the "Kindle Fire," will retail for $199, nearly half the price of the intro price of the iPad at $499.

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The device will allow users to read e-books, download music and video games and stream movies and television shows.

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